Overnight loans generally applied for and approved when a potential borrower applies with an online lender. These are usually payday loans for 1500 dollars or less, but lately we’ve been seeing loan applications and overnight, 24 hour approval disbursements for as high as 3000 dollars. Sometimes as high as 10000 and 5000 as well. These kinds of loans are not so easy to find anywhere – including your local banks and conventional lenders, and the so-called online lenders.

Note: for the remainder of this post, the term “overnight” will often be signified with the acronym ON in caps.

There are some reputable banks and lending institutions that provide the odd overnight loan, but it’s generally for smaller amounts, and these kinds of micro-loans are under 3000 dollars. Your average quick 24 hour loan is for even less than that – more like 1500 or 1000 dollars total. When it comes to fast personal loans you are generally going to be seeing Payday loan companies involved in these lending products.

The fastest overnight loan you can get is online and it’s for only 1000 dollars. What we want to talk about here is getting an overnight loan for higher amounts, such as 10000 dollars, 5000 dollars, and 3000 dollar – and I mean non-payday loans or advances because they are not inexpensive…..to say the least.

Interest Rates on Overnight Loans

When you get an overnight loan there is an interest rate issue (or APR issue). We need to discuss this here before we set out to present the possible approval of a 10000 dollar loan, or a 5000 dollar loan. Without question the credit bureaus will be contacted digitally to check out your credit rating and FICO score.

It doesn’t matter if you are applying in the wee wee hours of 1 AM, 2 AM, or 5 AM. I know that you will be applying for your loan during the day time hours and not literally late at night, but you want to apply for a loan you can get within 24 hours – basically apply for the loan during the day, and be approved my the next morning. This is the standard meaning for most borrowers when they are looking for an overnight loan.

Back to the issue of your credit score. If you want to be approved overnight for funding and have the money deposited into your checking account or saving account the next morning, y0u better be prepared to pay an interest rate that is quite high. If your credit score is fairly low (such as a FICO score between 500-600) you can expect an APR of between 10% and 20%. I’ve actually seen higher interest rates from overnight lenders than that – imagine that??!! In that case don’t bother.

Math on a $3,000 Dollar Overnight Loan

A 3000 dollar loan applied for and approved overnight, or in one 24 hour period is the most common for loans over $1500. Here we will do some math on a typical overnight loan for 3000 dollars. Note the principal loan, the interest rate costs, and compare that with the 10000 dollar loan and the 5000 dollar loan presented below. When I desperate, I really mean it, because borrowers who need money that fast have to be desperate.

Overnight Loan Amount = $3,000
Interest rate on ON loan = 12%
Payment Schedule on ON = biweekly (payment every 2 weeks or 5 days)
Length for total ON = 2 Years

Cost on a 3000 dollar overnight loan

Total Amount to be paid on ON = $3,366.92
Total amount of interest ON $366.92
Payments every 14 days or two weeks on ON= $64.57

Note that for this overnight loan of 3000 dollars the total interest to be paid over the 2 year term is three hundred sixty six dollars and 92 cents. The payments every 2 weeks (or fortnight; or 14 days if you prefer) are sixty four dollars and fifty seven cents. Not a terrible cost of borrowing, but it could be much less or much more – depending on opening and closing fees. Not to mention the cost of penalties for missed payments and the like.

Math on a $5,000 Dollar Overnight Loan

A 5000 dollar loan applied for and approved overnight, or in one 24 hour period is not as common if you look at the statistics for personal loans given out over a 24 hour time period, but nonetheless we should calculate these results as well. You can see below that the cost on this 5000 dollar loan is going to be much more than the 3000 dollar loan example above. See the 22% interest rate and the 3 year overall term of the loan.

Overnight Loan Amount = $5,000
Interest rate on ON loan = 22%
Payment Schedule on ON = monthly (payment end of every month)
Length for total ON = 3 Years

Cost on a 5000 dollar overnight loan

Total Amount to be payed: $6,695.52
Total amount of interest $1,695.52
Payments: $183.44

Notice that in this example the borrower is on the hook to the lender for interest costs of one thousand six hundred and ninety five dollars and 52 cents. The borrower’s payment comes to a total of one hundred and eighty three dollars and forty four cents. I know that this is more expensive in regards to a 24 hour loan, but I’ve seen worse than a 22% APR before (actually every day)

Math on a $10,000 Dollar Overnight Loan

Now for the big daddy of all 24 hour loans – the 10000 dollar overnight loan. In this example the lender is giving our borrower a very reasonable interest rate of 6% on the buck. Here you will see that the payment schedule is once a month as in example #2. The length of this overnight loan is 5 years which will mean the lender will do quite well on the this personal financing product.

Overnight Loan Amount = $10,000
Interest rate on ON loan = 6%
Payment Schedule on ON = monthly (payment end of every month)
Length for total ON = 5 Years

Cost on a 10000 dollar overnight loan

Total Amount to be paid on ON = $11,524.7
Total amount of interest paid on ON = $1,524.71
Monthly Payments paid on ON = $189.45

See how the total interest paid on this overnight loan is one thousand five hundred and 24 dollars and 71 cents. The monthly payments are fairly hefty at one hundred and eighty nine dollars and forty five cents.

What to Watch Out For When Applying For an Overnight Loan

Whenever you apply for an overnight loan you have to make sure that you are dealing with a reputable lender. A legitimate overnight lender will charge you a reasonable APR on the funding, and they will never ask you to make ANY kind of payment up front on your financing arrangement. We at CLF have been trying to pound this warning home more and more lately as we have been hearing about some loan shark type companies asking for some kind of fee, or opening payment made before you get the funds deposited into your account.

More you Need to Know About 24 Hour / Overnight Loans

You are going to be having a serious hunt on your hands as you try to find lenders that will lend 3000 dollar, 5000 dollar, or 10000 dollar loans overnight or within a 24 hour time period. It will be even more of a challenge if your credit score is damaged, or you have a bad credit rating.

Instead of trying to borrow 5000 dollars or 10000 dollars quickly and easily you are likely going to end up borrowing the money from a typical lender or bank. If you have some strong equity, like real estate, you can maybe get approved and have the money transferred into your account within 2 or three days. Not exactly an overnight loan, but for larger loans this is often the reality.

We will be posting links going forward elsewhere on this site for sites and lenders that lend large amounts of money overnight.